Business

In continuation of its intervention in the inter-bank sector of the Foreign Exchange market, the Central Bank of Nigeria (CBN) has intervened with another sum of $210million in the forex market to meet the requests of customers. A…

The Chairman, Toyota Nigeria Limited, Chief Michael Ade-Ojo, is set to bow out of active participation in the day-today-running of the auto company when he turns 80 on June 14 this year. He hinted about his retirement in Lagos during the…

US President Donald Trump has accused the Organisation of Petroleum Exporting Countries (OPEC) of “keeping oil prices artificially very high.” In tweet, Trump said the cartel’s pricing cycle “will not be accepted” as there is no…

Germany’s biggest lender Deutsche Bank on Friday admitted to a massive erroneous transfer of €28bn ($34 billion) in a routine operation, more than the entire bank is worth. The unprecedented mistake happened on March 16 when Deutsche…

Oil prices rose on Thursday to their highest since late 2014 as US crude inventories declined after sources told the media top exporter, Saudi Arabia, is seeking to push oil prices higher. Brent Crude Oil futures rallied as high as…

The tussle over the transfer of shares between billionaire businessman, Oba Otudeko, teleco, Airtel Networks Limited, and Adewale Tinubu has shifted to the Federal High Court. In a suit filed by the businessman, he is seeking a $28.7…

The House of Representative has ratified the suspension of the Director-General of the Securities and Exchange Commission, SEC, Mr. Munir Gwarzo, by the Minister of Finance, Mrs. Kemi Adeosun. The House took this decision, after…

In case you didn’t know, Nigeria’s external reserve hit $47 billion on Wednesday, the highest in over 4 years. We had an inkling of this achievement last week when the CBN Governor, Godwin Emefiele revealed the feat despite public…

Barring last minute volte face, founders of one of Nigeria’s energy conglomerates, Sahara Group, would be heading to stock market for listing. This bold move has become imperative in the light of giant strides being undertaken by the…

Jones Onyereri, chairman of the house of representatives committee on banking and currency, says banks may pay as high as N20 million per day as fine for infractions like insider abuse. Speaking to TheCable on the sidelines of the…

The Nigeria Communications Commission (NCC) will not approve the sale of 9mobile to any bidder without technical competence, Umar Danbatta, executive vice-chairman of the commission, said on Monday. Danbatta gave the assurance during…

The Nigerian Stock Exchange on Monday announced that it had migrated Access Bank Plc, Lafarge Africa Plc, Seplat Petroleum Development Company Plc and United Bank for Africa Plc to its Premium Board. It said the companies applied and met…

A total of 17,193 point of sales terminals were registered by banks for cashless transactions across the country in the first three months of the year. This brings the total number of registered PoS terminals in the country to 199,999 as…

Operators meet over skyrocketing cost There are indications that scheduled domestic airlines in the country may have spent over N120 billion on aviation fuel in the last five years. This is coming as airline operators are meeting…

The Nigerian National Petroleum Corporation has said the contract for the award of the over $2.8bn trans-Nigeria gas pipeline project went through a bidding process that was advertised. According to the oil firm, the two consortia,…

Despite several cuts and tweaks to its business model and structure, it appears all is not still well with Jumia. This is because, after two years of pressure and record losses, Jumia said it losses rose beyond forecast for the full…

The National Engineering and Technical Company Limited (NETCO), a subsidiary of the Nigerian National Petroleum Corporation (NNPC), has declared a dividend of N750 million to its shareholders – the highest in any given year. The…

China’s trade surplus with the United States surged by a fifth in the first three months of the year, rising 19.4 percent year-on-year to $58 billion in January-March, with exports up 14.8 percent and imports 8.9 percent higher.…

Ghana owes a total of $160m for gas supplied to its largest power producer, Volta River Authority, from Nigeria through the West Africa Gas Pipeline, our correspondent has learnt. N-Gas Limited, a company owned by the Nigerian National…

The management of MTN Group is hopeful that its Nigerian subsidiary will finally be listed on the Nigerian Stock Exchange (NSE) before the end of 2018. This comes on the heels of earlier speculations that the telecommunication giant…

The 14 new rice mills being expected in Nigeria in few weeks’ time will attract N250bn worth of investments to the sector, the Federal Government has said. On March 4 this year, The PUNCH reported a statement by the Federal Government…

Teleology Holdings Limited (THL), the preferred bidder for 9mobile Limited, has paid the $50 million unrefundable deposit for its acquisition of the firm. It has 90 days to pay the $450 million balance to seal the deal. 9mobile…

THE FSDH Merchant Bank has projected that March 2018 inflation rate would be around 13.49 percent, a 0.84 percentage point trend down from 14.33 percent recorded in February. The bank disclosed this yesterday during a media…

Oil prices rose more than two per cent on Monday, supported by a rebound in the stock market as trade war between the United States and China eased. Brent crude futures rose  to settle at 68.65 dollars a barrel. Brent prices gained…